Danish companies already export more than 200 billion dollars to the American market. That figure could skyrocket with the prospect of a new American climate agreement that includes 369 billion USD for investments in green initiatives, estimates the Confederation of Danish Industry (DI).
- Americans have shown great interest in Danish solutions. This applies to green energy, energy renovations, consulting, water technology and much more. With this agreement, there is a prospect of more orders for Danish companies that manage to play their cards right, says Louis Funder, head of DI's American office, to DI Business.
The Democrats have long had problems creating a majority for the agreement in the Senate, which is evenly divided between Democrats and Republicans, but last week the party got the last man in the form of West Virginia's senator, Joe Manchin, to support the proposal, which is why it is now very likely that it will soon be voted through.
Louis Funder is pleased that it seems that US President Biden will succeed in getting through with an agreement that has been a long time in the making.
- Joe Biden has had a historically strong focus on climate in his first years as president, with goals of a climate-neutral society by 2050 at the latest and a non-emitting electricity sector by 2035. But he has had difficulty mobilizing sufficient support for his climate agenda. Now the package is in place, and although it is somewhat less extensive than initially announced, it still contains, for example, a number of tax rebates that encourage the use of renewable energy and measures that support a greater degree of electrification of American business and society, says Louis Funder.
Finally, DI's head in the US emphasizes that one should not ignore the signal that the federal US is becoming an even stronger 'driver' for green investments in the US.
- At the beginning of 2021, DI placed a full-page advertisement in the NY Times together with the companies Haldor Topsøe, Grundfos, Rambøll, Semco Maritime, Siemens Gamesa, CiP, COWI and Kamstrup. We did this because, upon taking office, Biden expressed his desire to, among other things, build 60,000 wind turbines in the USA and make all new commercial buildings climate-neutral from 2030. Ambitions that Danish companies are really well placed to help implement, says Louis Funder.
The Vestas share has already reacted positively to the likely American climate agreement. The day after the agreement was announced by the Democrats, the Vestas share rose by 15.9 percent, corresponding to an increase in the company's value of almost DKK 26 billion.
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